JAKARTA - PT Cardig Aero Service Tbk (CASS) is known to have reached an agreement regarding the reduction of loan interest from its debtor, PT Cardig Asset Management (CAM). Despite the very similar names, CASS and CAM are actually not affiliated.

Purnama Wirya, Corporate Secretary of CASS, mentioned that debt restructuring process generates payment scheme such as: loan principal settlement of IDR 177.35 billion and USD 3.82 million; 20% cut in loan interest, equal to IDR 27.29 billion and USD 317,143; and rescheduling of loan interest payment after 20% reduction to 6 rounds of instalment from January to June 2025.

CASS is known to owe CAM IDR 136.49 billion and USD 1.58 million. Meanwhile, the write-off of this loan interest is eqal to 2.11% of CASS’s total equity as of November 2024. This debt restructuring agreement was signed last week (27/12).

As of September 2024, CASS’s total assets clocked up to IDR 2.35 trillion, followed by total liabilities of IDR 921.60 billion, and total equity of IDR 1.42 trillion. (LK/ZH)